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Sandoval County switches lockbox to Bank of Albuquerque after bank acquisition; treasurer details collections and balances
Summary
Treasurer Taylor told the Board of Finance the county will use Bank of Albuquerque for first-half 2025 lockbox services after UMB's acquisition of New Mexico Bank & Trust would have moved processing out of state; the county presented bank balances, collections totals and assessed delinquent-account fees.
Sandoval County Treasurer Taylor told the Board of Finance the county will move its tax-payment lockbox for the 2025 first-half tax season to Bank of Albuquerque after New Mexico Bank & Trust's acquisition by UMB required moving the former lockbox facility to Kansas City, Missouri. Taylor said county staff were concerned that an out-of-state lockbox and a Missouri checking account could conflict with state statute.
Taylor cited New Mexico statute 6-10-36 as the relevant provision when explaining concerns that county funds should remain deposited within the county or government…
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